Automatic stock quotation announcing system



May 1933- c. SMITH AUTOMATIC STOCK QUOTATION ANNOUNCING' SYSTEM Filed Feb. 20, 1950 7 Sheets-Sheet 1 m mOE W UK N. MOE

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INVENTOR CLYDE SMITH BY oo o o o o 2%; ATTORNEY AUTOMATIC STOCK QUOTATION ANNOUNCING SYSTEM Filed Feb. 20, 1930 7 Sheets-Sheet 2 INVENTOR CLYDE SMITH awn/246..

ATTORNEY May 2, 1933.

(2. SMITH 1,906,646

AUTOMATIC STOCK QUOTATION ANNOUNCING SYSTEM 7 Sheets-Sheet 3 Filed Feb. 20,1930

g INVENTOR CLYDE SMITH 0 AT'TORNEY Ma 2, 1933. C. SMITH 1,906,646

AUTOMATIC STOCK QUOTATION ANNOUNCING SYSTEM Filed Feb. 20, 1930 7 Shets-Sheet 4 WWW FIGS.

INVENTOR cum: sum-1 I BY I ATTORNEY May 2, 1933. c. SMITH 1,906,646

AUTOMATIC STOCK QUOTATION ANNOUNCING SYSTEM Filed Feb. 20, 1930 7 Sheets-Sheet 5 INVENTOR CLYDE SMITH ATTORNEY May 2, 1933. c, sMl-m 1,906,646

AUTOMATIC STOCK QUOTATION ANNOUNCING SYSTEM Filed Feb. 20, 1930 '7 Sheets-Sheet 6 INVENTOR CLYDE SMITH BY ATTORN EY May 2, 1.9 33; c. SMITH 1,906,646

AUTOMATIC STOCK QUOTATION ANNOUNGING SYSTEM Filed Feb. 20, 1950 7 Sheets-Sheet 7 INVENTOR CLYDE SMITH BY ATTORN EY Patented May 2, 1933 UNITED STATES PATENT OFFICE} CLYDE SMITH, OF HOPKINSVILLE, KENTUCKY, ASSIGNOB TO INTERNATIONAL COM- MUNICATIONS LABORATORIES, INCORPORATED, OF NEW YORK, N. Y., A CORPORA- TION OF NEW YORK AUTOMATIC STOCK QUOTATION ANNOUNCING SYSTEM Application filed February 20, 1930. Serial No. 429,982.

The invention relates to an automatic talking quotation system permitting stock brokers to obtain directly by voice reproductions, prevailing prices of stocks and commodities from a source of price at the various stock and curb exchanges.

In accordance with the invention, each stock or commodity is assigned a number as in a telephone directory and each brokers otiice includes an automatic telephone, less transmitter induction coil'and ringer. To obtain the price of, say, stock X, the broker refers to the stock directory and notes the dial number for this stock, which in this instance will be arbitrarily assumed as 12. The broker dials this number and immediately the word bid is heard, followed by the announcement of the bid price. Following this operation the Word ask is heard, which is followed by the audible reproduction of the asked price. These steps in a bid and ask cycle of operations constitute an operating period, and a period of operations repeats itself automatically so long as the receiver of an automatic telephone Where the stock designation was dialed, is off the book of the telephone.

Thus, an object of the invention is to provide a novel service to furnish on a no delay basis prevailing prices set up at an exchange or source of prices for stocks or commodities, severally selected from various brokerageoffices where the price corresponding to the stock selected is audibly announced.

Another object of the invention resides in the provising of an announcing apparatus having settable means at the source of prices, and several trading posts including selecting mechanism for translating a price setting at a trading post into an audible price record to be heard at a stock selecting station or telephones at a brokerage oflice or the like.

Another object of the invention includes means for preventing the intermingling of numbers of successive sets of prices if a price change is made for a subsequent price during the process of transmission of a previous rice.

Specifically, another object of the invention is in the provision of means for permitting more than one calling party to hear at the same time prevailing prices of the same stock.

Briefly stated, the invention comprises. stock price dials or indicators, automatic telephones and associated dials, line finding switches, digit switches which respond to pulses from the dials of the several telephones, digit finding switches responsive to the operation of the digit switches, and a unit of selecting mechanism comprising a group of sound band control relays including a set for each integer in the price, and a group of price sound bands comprising a sound band for each integer in the price and a sound band for each fraction in the price, a common driving means actuating time controlled cam members for selectively operating several bands of a group of price sound bands and several control relays for bid and ask sound bands included in the group price sound bands for the integer in the price.

More particularly, the object of the invention is to provide a system for selecting a stock number which is dialed on an automatic telephone whereby the last bid and asked quotation of the stock selected corresponding to the number dialed is transmitted from a price source to the telephone where the stock number was previously dialed.

In attaining another object of the invention, itis proposed to utilize a selectively controlled transmitting unit to serve many calling lines and various stocks. Each unit may include four groups of price sound bands for three integers and a fraction of the price, or three groups for two integers and a fraction of the price, or two groups for one integer and a fraction of the price, either for the bid or asked quotations, but it should be understood that where more than two groups of price sound bands are employed, only one selected group need be operated, if the price change is in the fractions only.

Broadly speaking, the invention includes means settable at will at the price source, line finding means responsive to dial impulses, and means for audibly transmitting the position of said settable means.

Still another object of the invention resides in the rovision of a ime sound control cam and starting cam, each common to a price sound band unit whereby the start cam commences a period of operation in the announcement of bid and returns to zero or neutral setting following the asked price quotation, while the time sound control cam causes selected relays to be set up for the bid and asked quotations which are transmitted for audible reproduction.

The system is designed for furnishing service on a no delay basis but where the unit selected is busy, that is, in the midst of operating, adelay will occur but only for t e operating time required to complete a previous quotation announcement.

Wherea calling line has access to sound bands at any stage of theiroperation, fragmental-y price changes would be heard. Provision has been made to prevent frag mentary reports by disconnectin the calling line until stock selecting swltches have reached their selected position, and this is accomplished by disabling a cut off relay at the beginning of the dialing perioduntiLthe wipers of several dial switches have reached their selected osition and the sound bands havereached t eir starting position, if they be off the start position at the time of a call. a

In the talking quotation system herein disclosed, time controlled means have been provided for driving sound band shafts during the period of transmission. This period may vary. For the bid price of a stock may be in one integer or fraction or in both, and

the asked price may be in an integer or fraction or in both. Additionally, various stocks are differently riced. One may be in one integer and a raction and another stock in three integers and a fraction. With this system, the circuits and mechanism are so arranged that the operating time for a price with one integer and a fraction is two-thirds the operating time of a price having two integers and a fraction.

Accordingly, a further object of the invention resides in the control of the sound band cam and the starting cam wherein the former is divided into three equal parts, one to control the bid sound hand, one to control the sound band for the integer of the price, and one to control the fraction band whereby the circuits controlled by the sound band cam through the operation of an associated make before break switch and bid control relays are so arranged that no matter where. the sound control cam may stop on an operation atthe completion of an operating period, the first step on the next cycle of operations will cause the bid sound band to become operative, if a setting has new bid setting has been made at or before the completion of a period of operations, the

first operating step on the next period gvtzluld be the announcement of the word A still further object of my invention includes means associated with the time controlled start cam to prevent the calling line from hearing fragmentary reports at the time when a sound unit is serving other calling lines and to preclude double registration of a. rice, if a price dial is adjusted during t e transmission eriod together with means for automatical y adjusting said cam to various combinations of operations and for restoring the cam to its zero position at the end ofeach period of operation.

According to the invention, one group of sound band price control relays, one group ofsound bands, and one group ofocontrol relays to announce the bid and ask cycles of operations, common to all stocks are employed for both the bid and ask operations, the control relays for the announcement of an ask cycle being held ineffective until the bid operation is complete. Also, the bid prices may be in one integer and the asked in one integer and a fraction. It may be that a bid price only is desired to be transmitted, or that an asked price only is desired to be transmitted. Thus, another aspect of the invention includes suitable means for withholding the ask operation until the bid operation terminates which must immediately follow the bid operation without any dead time, namely, a silent interval representing the absence of the fraction in the bid price, or a silent interval, if there be no bid price, or a silent interval if there be no asked price, completing the period of operation at the announcement of the bid. price irrespective of the number of di 'ts and a fraction it may include.

eatures of the invention relate to a plurality of line finding switches for picking up a calling line on the removal of a receiver froman automatic telephone, a plurality of digit. switches for selecting a particular stock, a plurality of digit switch finders which serve as a connecting link between the digit switches and a plurality of price changing dials operatively connected to the apparatus located at an exchange or source of price, and common circuit means for connecting the line finding switches with the digit switches and common circuit means connecting the digit finding switches with the price dials, and circuit means for ad mon relay circuit at the completion of the bid price announcement, if there be a bid price, and ask for disabling said circuit upon the completion of the ask cycle of operations.

The invention accordingly comprises an audible automatic quotation system having features of construction, combinations of elements, and arrangements of parts which will be exemplified in the construction and methodot' operation hereinafter set forth and the scope of the application of which will be indicated in the appended claims.

As shown in the drawings there are five so called automatic telephones, two line finders, two digit switches, two digit finding switches, dials for two stocks, two sound band units and their control relays. With the apparatus herein described, as many as five calling parties may obtain at the same time quotations on the same stock on one of the units of sound bands, or several of the calling parties may obtain prices on one stock on one unit of sound bands and the remaining parties may obtain prices on another stock on the other unit of sound bands.

In the accompanying drawings there is shown, for purposes of illustration only, the preferred arrangement of the present invention, disclosing a layout of a system for transmitting bid and ask quotations as set at a price source as a brokerage otfice or otfices, it being understood that the drawings show by way of example only one of the many embodiments of the invention wherein Fig. 1 shows one stock group of price indicating dials which are price changed by an operator at the source of price to the last prevailing quotation.

Fig. 2 is a portion of the system showing the stock group of price indicating dials illustrated in Fig. 1 and additionally, control circuits together with control relays associated with each bid and ask set of dials of said group, and a group of price indicating dials and associated control circuits and relays for another stock.

Fig. 3 shows schematically five telephone stations connected by line circuits to line finding switches which in turn are connected to the digit switches.

, Fig. 4 shows schematically the circuits of two digit switch finders each common to the digit switch andthe stock groups.

Figs. 5 and 6 are fragmentary parts of the system illustrating in pairs sound band control relays, there being a pair for each contact on the bid and ask price dials of a group.

Figs. 7 and 8 each show another part of the system including a sound band unit and the drivin mechanism therefor.

Fig. 9 shows an arrangement of the various figures of the drawings in proper order to illustrate the entire system.

In accordance with the invention, it is proposed to locate the apparatus at a central point, preferably where sales are conducted as at the New York Stock Exchange or the like. As disclosed, the apparatus is for one integer'and a fraction, and the several mechanisms are positioned in one location. However, it is apparent from the teachings of the disclosure in the specification and drawings that the apparatus may be extended to announce prices in several integers and a fraction, or on a decimal basis, as cotton prices. Moreover, the line finders and digit switches may be located at several different points with second selectors cut between the line finding switches and digit switches, as well understood in the telephone art, so that the range of selection may be widened to include service of several exchanges from one telephone.

The system as illustrated comprises stock bid and ask price dials, as 10, ll, 12 and 13 generally denoted A in Figs. '1. and 2, a plurality of telephones and associated dials at several brokerage offices extending from BB (Fig. 3); two three bank line finding switches extending from CC (Fig. 3) for finding the calling line, two four bank digit switches from D-D (Fig.3) which respond to pulses from dials of the telephones to select a particular stock; digit switch finders E and F (Fig. 4) which find a digit switch in the same, manner that the line finder finds a calling line, the digit finding switches being common to all the digit switches and all stocks; a group of soundband control relays from G-G (Fig. 5) 1 pairs for the integers in the price, one pair, being for each contact on the bid and ask I dials; a group of sound band control relays from H-,-H (Fig. 5) in pairs for the fraction in the price; and another group of sound band control relays comprising sets of pairs and control relays from J J (Fig. 6) for the integer inthe price, and a group from K-K (Fig. 6) in pairs for the fraction in the price; a group of sound bands broadly denoted L (Fig. 7 for the integers in the price; a group of sound bands M (Fig. 7) for the fraction in the price; and another group of sound bands comprising set N (Fig. 8) for the integer in the price of a set P (Fig. 8) for the fraction in the price.

The sound reproducing units and their associated control relays are common to all lines and all stocks. The control relays and the sound reproducing units are interconnected to the several selectors and so designed to respondto various circuit combi- I broadly indicated A.

The drivin mechanism R for group of sets of sound ands L and M is shown with an individual-motor-drive 199 but in practice there would be one common' power I means for all the driving mechanism of a complete system which also includes a group of control relays generall denoted S for the bid'and sound ban s 170 and 171mspectively of group .L; the drivingfmechanism T for grou of sets of sound bands N and P, and last y a group of control relays U for the bid and ask sound, band groups N and P.

Each stock is provided with a price dial unit or group comprising four price dials as 10, 11, 12 and 13. Dials 10 and 11 are respectively for the integer and fraction of the bid price. Dials 12 and 13 are for the integer and fraction respectively of the ask price. These dials are mounted on suitable framework and positioned near the trading osts of the various stocks'and manually ad- )llStGd from-time to time by an attendant who hears the prices as called.

Associated with the bid and ask dials 10 and 12 are-contacts as 14, 15, 1621 for the units-in the price, from one to nine. The tenth contact as 21 is (lead or ineffective. Associated with the bid and ask dials 11 and 13 are contacts as 22, 23, 24-28 for the fractions 'in the price, from to respectively.

Corresponding contacts of the bid and ask dials 10 and 12 are multi led byconductors 29, 30-37 respectively. orresponding contacts of the fraction bid and ask price dials 11 and 13 are likewise respectively multipled by conductors 38, 39, 4044. Conductors 29 to 37 inclusive areIconnected respectively to the first contacts as 45 of the anks of contacts AB, AC, AD, AE, AF, AG, AH, AJ and AK. For example conductor 29 is multipled to corresponding contacts 14 of the units bid and ask dials 10 and 12 and to first contact 45 of bank AB; Conductor 30, -multipled. to corresponding. contacts 15 of the units bid and ask dials 10 and 12, is connected to the first 7 contact 46 of thecorresponding bank of contacts AC. In like manner, conductors 31 to 37 are respectively connected to the first contacts of their corresponding banks of contacts.

Fraction price circuit 38, multipled to corresponding contacts as 22 of the fraction price dials 11 and 13, say for stock #1. is connected to the first contact 46 of bank BD in the fraction set of banks of contacts of selector switch E. The other fraction price circuitsv 39 to 44 inclusive are likewise respectively connected to the first contacts as 63 inclusive,

.46 of banks BE, BF, BG, BH, BJ and BK.

The units rice circuits 47 to 55 inclusive are multipl to corresponding contacts of the units price dials 10 and 12, for stock #2 and respectivel 0nd contacts as 56 o the banks AB, AC, AD, AE, etc. The fraction price circuits 57 to multipled to corresponding contacts of the fraction price dials 11 and 13 for stock #2, terminate respectively in the second contacts as 64 of the fraction price banks BD, BE, BF, BG, BH, etc. 11 the same manner, other price dial units would have their corresponding contacts multipled and connected to corresponding contacts of their corresponding banks.

In order that the several digit finding switches may have access to a plurality of switches, corresponding contacts of the units set of bank of contacts as AB, AC, AD, etc. of the digit finding switch E, are multipled to corresponding contacts of the units set of bank of'contacts as CA, GB, GD, etc'. of the digit finding switch F. For instance, the first and second contacts as 45, 56, etc. of the various unit banks of switch E are terminate in the secmultipled to the first and second contacts,

68, 69, etc. in corresponding unit banks of contacts CA, GB, GD, etc. of switch F by conductors as 65 and 66 respectively. In like manner, corresponding contacts in corresponding banks of contacts of the fraction set of banks of switches E and F are multipled. Thus, it is apparent that there is a bank of contacts for each integer and a bank for each fraction in the price and a contact in each bank for each corresponding set of bid and ask price dials.

Each price dial of the several price units carries a wiper as 70 to contact with the several associated contacts arranged in a a previous price. 1 The movement of a price dial actuates contact spring 72,- grounding contact as 71, energizing slow release relay 3, opening contact as 74, and closing contact 75, which holds relay 73 locked up during the movement of the soundbands, if they be in motion at the time the price dials are adjusted. If relay 73 is energized, contact 74 is opened preventing energization of the sound band control relays as will be later described.

For the purpose of this description, the control circuits of the line finders, Fig. 3, the digit switches, and the digit switch finders in Fig. 4 are omitted as many different control circuits may be employed, as is well understood in the telephone a 1 In Fig. 3 two line finding switches broadly denoted AL and AM are schematically shown. Their purpose is to pick up a calling line on the removal of a receiver from the hook of an automatic telephone. Each line finder switch includes three banks of contacts as 76, 77 and 7 8. Each contact in each bank is multiplcd to a. like contact of a corresponding bank of other line finding switches, as for example, contact 79 is multipled by conductor 80 to a corresponding contact 81 of like bank 82 of the line finding switch AM in order that all calling lines may have access to any of the line finding switches, which are less in number than the lines, as is well understood.

Each line finding switch includes a wiper 83 for each bank. They are mounted on a common shaft and move in unison and may be of the well known step by step or power driven type. The step mechanism is omitted as it is well known in the telephone art. Each line finding switch is tied directly to the digit switches generally indicated AN and AP. It follows, therefore, that if a line finding switch picks up a calling line, the latter has facilities for extending the connection. The system, as illustrated, shows but two line finding switches and two digit switches, but any number of these may be employed where the system is to be extended.

The digit switches AN and AP, Fig. 3, are for the purpose of selecting a stock. They also set up circuit combinations to cause the digit finding switches as E and F (Fig. 1) to seek a calling digit switch in the same manner as the line finding switches seek a calling line. The digit switches may be of the conventional step by step or power driven type. Only such circuits as are peculiar to the system are shown, as there are various circuits well known in the telephone art for controlling this type of switch.

However, for the sake of simplicity and understanding, the digit switches are shown as single motion switches with a capacity of nine numbers. They can just as well be of the well known two motionv design with a capacity of one hundred numbers, orof the single digit and trunking hunting type, known as first selectors. Used as first selectors, the contracts would terminate in connectors and the wires now terminating on the bank of contacts would terminate on the contacts of the connectors.

Each of the digit switches AN and AP are provided with four sets of banks of contacts 84, 85,. 86 and 87, and each bank of contacts is operativelv associated with a wiper 88. all of which are. mounted on a single shaft and move in unison, being responsive to the impulses from one of the dials 89, Fig. 3, associated with a corresponding telephone receiver 90. The stepping and releasing mechanism is omitted as it is well known in the telephone art.

Associated with each digit switch (Fig. 3) is a set of control relays as FA, FB, FO, FD and FE. Relay FA is'the stepping relay and is first energized through the telephone when the line finder finds the callin line. Also, it later responds to each pulse rom a dial. After the dialing pulses have been sent, it remains energized during the connec tion. During the energization of stepping relay FA, slow to release relay FB is also energized and remains energized during the pulsing period, closing its 'front contact 1, preparing a circuit to the stepping magnet coils FG which are energized once for each pulse from closed contact 2 of stepping relay FA when the latter is deenergized after the operation of a dial.

When the digit switch AN steps forward from the dial pulses, cam spring 350 closes, establishing a circuit from back contact 2 of stepping relay FA, conductor 91, closed contact 2 of stepping relay FB and conductor 92, to release magnet coil 93 which releases its respective digit switch when the calling party hangs up in a manner well understood in the art.

During the pulsing period, slow to release relay FC is also energized from closed contact 2 of the stepping relay FA, conductor 91, closed contact 1 of slow to release relay FE and conductor 94. The purpose of slow to release relay FO when energized is to energize and lock up cut off relay FE, which closes its locking contact 1 and opens its contacts 2, 3 and 4.

Open contacts 2 and 3 of cut off relay disable a transmission circuit including conductors 96 and 97. Open contact at of cut off relay FE disables a start circuit which includes conductor 98.

On completion of the pulsing period, contact 1 of slow to release relay FC closes, preparing a circuit for the operation of relay FD. This circuit includes contact 101 at the zero position of starting cam 100, Fig. 7, through conductor 102, contact 4 of the interference preventing slow release relay FH (Fig. 5), conductor 103, common 104 and wiper 105 of bank of contacts BA (Fig. 4), a contact as 46 thereof, conductor 106, a selected contact of bank 86 of digit switch AN (Fig. 3), conductor 107, contact 1 of relay FC, conductor 99 and the winding of relay FD. Thus relay FD is energized on the completion of the dialing operation, opening its contact, and de-energizing cut off relay FE, thereby closing transmissionv conductors 96 and 97 and the start circuit 98.

The purpose of the cut off relay FE is to maintain a calling line disconnected from the digit switch until wipers 88, thereof have reached their selected and predetermined positions. Also the wipers ,may a row move in unison. The direction of reach their selected contacts at a time 'when the sound bands are serving another caller, and if a vcalling line has access to sound bands at any stage of their operation, fragmentary prices would be heard. For this reason cut oil relay FE is energized at the beginning of the dialing period, and is held energized until the digit switch AN has been set to the selected position and until the sound bands have reached the starting position, if the sound bands be off, this position at the time of a call. RelayFD, when energized, releases cut off relay FE. Relay FD is energized only when the sound bands to which it may be then connected reach their starting point and this takes place at the zero position of the start cam 100.

The digit switch finders E and F (Fig. 4) are a connecting link between the digit switches AN and AP (Fig. 3) and the price dials (Fig. 2) of the various stocks and are common to all the digit switches and a plurality of price dials. As illustrated, the digit switch finders are of the line finding type and power driven by'motor 110, driving shaft 111 carrying beveled gears as 112, 113, driving complemental gears 114 and 115, respectively actuating shafts 116 and 117. Each of the shafts 116 and 117 'includes a magnetic clutch 118 of a well known type for driving, if engaged, shafts 119 and 120. Each of the shafts 119 and 120 carries a toothed wheel. or ratchet 121, which upon each movement causes an associated grounded spring 122 to close a contact 123, to energize relays FH (Fig. 5)

. and FJ (Fig. 6) which opens their contacts to prevent interference, that is, preventing premature energization of the control bid and ask relays as MA, MB; NA, NB (Fig. 7) during the passage of the wipers of the various digit finding switches E and F (Fig. 4) over bank contacts.

Shafts 119 and 120 are connected with suitable gearing for driving shafts 126 and 127; 128 and 129, to which the various wipers of the several banks of digit finding switches are connected. The method of driving the digit switch finding shafts and controlling circuits therefor may be of any of the several types well known in the telephone art, the controlling circuits being omitted from the description. Thus it is apparent, that so long as the magnetic clutches 118 are engaged, interference preventing relays F H (Fig. 5-) and FJ (Fig. 6) are energized, disabling the circuits controlled thereby.

Preferably, each digit finding switch E and F (Fig. 4) consists of two groups of banks of contacts, and each bank includes an associated wiper and all the wipers of a row are attached to a common driven shaft as 126, 127, etc. and all the wipers of rotation of the various wipers is illustrated as moving in a clockwise direction. However, while but two cups of banks are herein disclosed and illustrated witheach digit finding switch it should be borne in mind that a digit finding switch may be provided with as many groups of banks of contacts as may be needed where a bid and ask price of astock or commodity to be announced is in more than an integer and a fraction.

Wi ers of digit finding switch E as 148 and t eir associated commons as 130 of the banks of contacts AB, AC, AD, AE, AF, AG, AH, AJ and AK are respectively connected with conductors 131, 132, 133, 134, 135, 136, 137, 138'and 139 to the unit's sound band control relays GA, GB, GC, GD, GE, GF, GH, GJ and GK (Fig. 5). There is a wiper for each unit price sound control relay,and a control relay for each digit in the price, as for example, relay GA is for one in the price, GB for two in the price, etc.

The wipers as 140 and associ mons as 141 of the fraction row 0 banks BD, BE, BF, BG, BH, BJ and BK (Fig. 4) are respectively connected with conductors 14 2, 143, 144, 145, 146, 147 and 148 and their associated fraction sound control relalys HA, HB, 110, HD, HE, HF and HG ig. 5), there being a wiper for each fraction price sound control relay and a control relay for each fraction in the prices, as rela HA is for in the price, HB for 4, HO for 7 etc.

In a similar manner, the wipers and associated commons of the unit banks of contacts CA, GB, GD, etc. of digit finding switch F are connected to their corresponding units price sound band control relays JA, JB, JG, etc. and the wi ers and commons-of the fraction banks 0 contacts DC, DE, DF, etc. are connected to corres onding fraction sound band control relays A, KB KC, etc.

A digit finding switch as E or F is set in motion when a digit switch as AN or AP engages a contact not then being served b another digit switch. Thus one digit switc 1 and its associated relays and sound bands will serve at thesame time a plurality of calling lines.

Sound band control relays at GG and H-H are. in pairs, arranged in numerical order with a pair of relays for each integer and fraction. Relays GA and GL comprise (1 coma pair for the number one digit in the units 1 in group M.

ranging respectively'from etc. In the group of sets of relays frdm .lJ

(Fig. 6), pairs JA, JE; JB, JF; JO, JG, etc. are for units in the price varying from one, two, three, etc. respectiveliy. In the group of sets of relays from K, pairs of relays KA, KF; KB, KG; KC, KL, etc. are for fractions in the price varying from e 4,%,

Pair of relays GA and GL control the operation of the number one di it sound band 150 (Fig. 7). Relays GB am GM control the operation of number two digit sound band 151 (Fig. 7 Relays GO and GN control the operation of the number three digit sound band 152 (Fig. 7 Other like positioned sets or pairs of sound band control relays control other corresponding sound bands.

The pair of relays HA and HJ control the operation of the one-eight fraction sound band 153 (Fig. 7 Relays HB and HK control the operation of the ORB-(111".1t61 sound band 154, etc. Other like airs of relays of the group H'H control t e operation of corresponding fraction sound bands In like manner, pairs of relays (Fig. 6) as J A, J E; J B, J F; etc. of the units price group of sets of control relays from J-J control the operation of the number one, number two digit price sound bands 155, and 156 (Fig. 8) respectively, of group sound bands N; and the pairs of relays as KA, KF; KB, KG; etc. control the operation of fraction soundbands 157, 158, etc. for 4, etc. in the price. The sets of relays in groups G-G and H-H and the sets'of relays in groups J-J. and K-K serve for both the bid and ask price.

Sound band control relays as GA, GB, etc. for-the units in the price, and sound band control relays as HA, HB, HC, etc. for the fractions in the price are selectively first energized from sets of a group of stock dials as A (Fig. 2) that have been set and the digit finding switches have responded to the operation of the digit switches, upon the closure of contact 160 from the energization of the bid relay MA (Fig. 7), grounding conductor 161, closed contact 7 of preventing interference relay FH, conductor 162, common 163, wiper 164 of bank BL, a contact as 165, conductor 166, closed contact 74 of relay 73, conductor 167 to wipers as of the bid and ask set of price dials 10 and 12. contacts as 14, conductor 29, contact 15 of bank AB, wiper 148, common 130, and conductor 131, energizing relay as GA, or relays as HA may be energized from closed contact 160 through the same circuits as just described to wipers as 70 of the fraction price dials as 11 and 13 and contacts as 22 thereof, conductor 38, contact 46 of bank BD, wiper as 140, common 141 and conductor 142, energizing one-eighth fraction relay HA. Other sound band control relays as GA and HA of groups as GG and H-H may be selectively ener ized depending upon the setting of the indlvidual wipers of the various price dials of the several stock groups.

However, before either a bid or ask price is announced. the bid sound band 170 (Fig. 7) is actuated, if there be a bid price. This is accomplished upon the release of bid relay MA. and continued energization of its associated mate relay MB, grounding circuit 172, energizing electromagnet 173, attracting armature 174 against the energy of spring 205, causing clutch complement 175, which is slidably and rotatably mounted on driven shaft 72, to engage its complement clutch portion 176 which is loosely mounted on shaft 72 causing bid sound band 170 to be put in motion for one step in a cycle of operation, which takes place during one-third of a 7rzevolutionof sound time control band cam 1 Following this operation, a selected units price sound band of group L is made effective and this takes place upon deenergization of a sound band control relay as GA, at the beginning of another step in the cycle of operation and continued energization of a causing clutch complements 186 and 187 to engage, rotating the number one digit sound band 150 for one cycle of operation requiring, however, one-third of a revolution of the sound band time cam 177.

If the selection were for two units in the price, relays GB and GM are selected, which in turn operate circuit 188, causing clutch magnet 189 to be effective. placing in motion number two digit sound band 151. In like manner, pairs of relays GO, GN; GD. GQ control the operation of their corresponding sound bands 151, 152 respectively, etc.

Upon the completion of the units bid price, a selected pair of fraction control relays become effective, it the price to be transmitted contains a fraction. The unit pair of sound control relays just selected and operated now becomes ineffective. If the fraction of the price were one-eighth, relays HA, HJ (Fig. 5) operate, grounding circuit 190, energizing clutch magnet 191. causing oneeighth fraction sound band 153 to be set in motion for the last step in the cycle of operation which takes place during one-third of a revolution of sound time cam 177- (Fig. 7 At the end of this cycle the relays HA, HJ become ineffective.-

Following the transmission of the bid price, the ask sound band 171 (Fig. 7) is set in motion for one step in a new cycle of operation whichis followed by the ask price and if the latter be in one integer and a fraction, a pair of units and fraction sound band control relays of groups as G G and HH are selected in proper order; or if the asked price involves but an integer or a fraction only, then only a pair of sound band control relays in either of groups G-G or HH is selected.

The fraction sound'bands (Fig. 7) as 153 and 154 are suitably mounted on driven shaft 194 carrying gear 195 driven by gear 196, which in turn is driven by units price band shaft 72 actuated by clutch complements 206 and 207 and stub shaft 250 operated by gear 197 actuated by gear 198 associated with the motor 199. Each sound band contains a voice reproducing record,

here illustrated as of the phonograph type, which cooperates with an electrical contact or pick-up as 200 (Fig. 7) electrically associated with a transmission circuit ineluding conductors 201 and 202. The electrical contact as 200 is responsive to the track in the record of its associated sound band. 1

Each of the slidable clutch complementary members as 175 associated with the sound band drive shafts as 72 and 194 includes a slot 203 cooperating with an individual guide pin such as 204 suitably fixed to the shafts, and each armature as 174 of the various clutches includes a spring 205, normally holding an associated pair of complementary clutch members inoperative.

Associated with the power driving means 199 (Fig. 7) and suitably mounted on the sound band operating shaft 72 and drive stub shaft 250 are the complementary clutch members 206 and 207 respectively,-

which when engaged by the operation of clutch magnet 208. drive the sound band shafts as 72 and 194 during the periods of transmission. The time interval of a period of transmission may vary for the bid price: it may be in one integer and the asked price in an integer and fraction. Also various stocks may' be differently priced at the posts or trading stations in the exchange: one may be in an integer only or in a fraction only, another in one into gen and a fraction. In this system the circuits and mechanisms are so arranged that the operating time for a price with one integer and a fraction is two-thirds the operating time of a price with two integers and a fraction.

To control the operating time for various transmission periods, there is provideda sound time cam 177 mounted on shaft 72.

and. a time starting cam 100 secured to shaft 210. Sound time control cam 177 has three indents 211, 212 and 213 spaced one hundred and twenty degrees apart, providing three equal clrcumferentml portions, one for controlling the bid sound band 170, one to control the sound band as 150 for an integer in the rice, and one to control a fraction sound and as 153.

Associated with the time control sound cam is a make before break switch broadly denoted X comprising an indented spring 214 and contacts 215, 216 and 217 for a purpose hereinafter described. It should be noted that upon movement of spring 214 out of the indent on the sound band controlling cam '177, contact 215 makes-before contact 216 breaks. The circuits operated by cam 177 through its spring contacts 215, 216 and 217 and bid relays MA and MB are so controlled that no matter where this cam may stop after a bid operation, the first step on the next cycle will cause the ask sound band as 171 to become operative, if there be an ask price.

A complete operating period comprises one or more cycles, including time intervals for the transmission of the word bid followed by the bid price in either an integer or fraction or in both, and the transmission of the word ask followed by the asked price in either an integer or fraction or in both an integer and fraction, and if the system were extended there would be additional operating steps in the cycles for the transmission of the tens and hundreds of the bid and aaSkedprice in a complete transmitting As illustrated, sound .band time cam 177 is at the beginning of an operation with spring 214 in indent 211. Upon movement of the cam from indent 211 to indent 212, the word bid is transmitted. The next step in the cycle takes place as the came moves from indent 212 to indent 213, causing the units in the bid price to be transmitted. The next step occurs during the movement of the cam from indent 213 to 211 and in this time the fraction in the price is transmitted. The next step occurs during progression of the cam from indent 211 to 212 and the word ask is transmitted. Upon movement of the cam from indent 212 to 213, the units in the asked price is transmitted, and upon movement from 213 to 211 the fraction in the asked price is transmitted.

the selected contact, out of relay FE will remain energized-until cam 100 is returned to its zero position. This action prevents the calling line from hearing fragmentary reports at a"time when a sound bandunit is serving =otherficalling lines. A calling line is one associated witha telephone havingits -receiver"removed.-.The zero or neutral position of start 't'ime cam 100 occurs when spring 219 of make beforebreakswitch Y registers with indent 220. v 1 1- r Another? purpose of the time cam 100'is to preclude ldouble registration of a price, if a price dial of sets or-groups as A is adjusted during the transmission rperiod,l and in: actual practice this very often :occurs'. Contact221 of the make before break switch is forthis purpose. If closed on the off zero position ofi'cam 100, a circuit is set up :holding 5 relayas173 (Fig. '2) of the several price dial groups locked up duringone operating periodm F 1 The: circuit for preventing double registrationincludes -"grounded spring 219, closed 1contac t1'221,conductor222, closed contact 5 ofrel'a y: "EH; conductor 223, common 224, wiper *225'- of bank gPDR of digit: finding switch E,'-'contact as 226,- conductor-227 and CltjStZdCOIitfltilZ of relay73, which is mementa'rilyi energized upon movement of a price bid dial" as 10' or 11, opening contact 74, preventing energization of a sound band co'ntrol relayfrommontact 1600f bid relay JS'IA. If -price asked dials'12 and 13 are adjusted during the transmission period, their associated relays as 73 1 are held locked up, opening its contact 74, preventing the energi zation of a selected asked 3 sound band control relay during the transmission period. In'other ords, ifjv'vhile a sound-band unit transmitting the price and dials as 10, :11; 12,113 areadjusted, their associated 'relays as'; '73 lock up and remain 'energized during the operating period, preventing wipers '70 (if these' dials'from being momentar'ily grounded tovenergize sound band control relays as GAand HA;

- -At the beginning of an operating period, cairr is at its neutral position and contact 230 thereof is closed for starting the sound bands on their cycle of operation, and in' this closed position, it is grounded from closed contact 1 of stepping relay-FA :(Figb3) so long as a calling line is active. Ground. from FAl, namely, closed contact 1 of relay FA, is extended to energize the bid sound band control relay MA (Fig. 7) which is always the first control relay to become effective, if there be a bid price, for

reproducing the record 01" the bid sound "band 170.

wiper- 235,- conductor 236, closedcont-act and ask operations, clutch magnet 208 re- 'leases,'freeing clutch complements 206', 207;

FH3, conductor 237-, closed contact 230, conductor 238,-bid' control relay MA arid'battery. x Soundcontrol time cam 177 ;(Fig. 7 )'has choice of threestarting positions whilethe start cam 100-has but'one starting position. Thebid price-"may bein one interger or a fraction on one operation and an'integer and a fraction on the next operation. There fore,' start ca1'n"10O -must adjuSt its movementsltocvarious combinations of operations. To provide for. varying conditions, start cam 100 is mounted on the' independent shaft 21(1 .which is driven throng-h gears 239, and clutch complements 241 and- 242 at a ratio of one revolution to'six' revolutions of thedriving shaft 72: I lo' restore start cam 100 130 itsneutral position, at theend" of a'complete operation irrespective of the number of, operating steps in thecycles required in a-bid' and; ask price operation; start cam shaft 210 operative'l-y includes a' coiledspring-243 having one end fixed thereto= and its other terminal' portion attached to' *a fixed} element 244 s'uitably =dfisposed adj acent the start shaft? oman "complements 206 and"-" 2O7 a'.re meshed through the operati'ong of electro magnemos which has twos'9urce's of-'ener- L giz'atiomnarnely, bnfef -fronlgrounded 'closed contact 3 of ask relay NB and"'condi'1cto'rs 245 fand'246',--and the other fr'onr grounded closed contact 2 01? slow} release relay (Fig?? throughjconductors' 247 and 246. 5 Contact {2 of slovv release relay- W', 1 read as isf efl'ective "on the bid operation. It 'is also effective at the interval between the bidaiid ask operations. That isto say, after the" last' soun'd band relay in the bid operation is released and the control relays for the"=ask operation are energized, closed contact W2 continues to hold clutchmagnet 208 energized for'the remainder of the operating period. At the completion ofthe bid find 241 and 242. The-"start cam100 accordingly returns to its neutral position by reason of theope'ration of coiledspring 243; l

too

"iio

on Clutch complement 206 is'looselymounted on a stub shaft 250 which carries gear 197. Associated'with complement 206 is the sleeve 251 comprising slot 252, "guided by pni 253 fixed to shaft 250. Sleeve 251 and comple- 0 ment 206" move in unison and'opera'tively disposed between these-members is the de'- pending armature 254 to which, atone end, is-rotatably secured start cam shaft 210.

Clutch complement 207 is rigidly secured r: to sound band control shaft 72. Thus it follows, if clutch magnet 208 is energized,

armature 254 operates to move'clutclicomplements 206 and 242 into engagement with clutch' "members 207 and 241 respectively, a causing-shafts as 72,210 and 194 to'take tact l of steppmgwrelayFA' (Fig-- until the bidoperatiomis com 1ete,:-if there motion, keeping in mind, however,- that upon the; release of magnet 208 at P the end of a period of operation, clutch members 206, 207; 241, 242 disengage, causing-start. cam to returnto its zeroposition with the spring indent 219 registering with detent 220 -causingcontacts.- 161 and, 280;=to;be grounded, releasing cutoff relay FE (Fig. 3) extending ground fronrclosedconenergize a fbid relay as MA (Fig. .7) r respectively, ;thatis, closed contacts 101 and 23Qset up circuits to -start another .cycle ofloperation ifa callingline be waiting'. In gthiszsystem, .One-n'nit-of sound. band control; relays and one :unit of sound 1 bands are employed for both the bid-and ask operations. H Therefore ;the ;control- :relays for theaasksoundeband must-not be effective be a, bid price;-and irrespective JJL-thenumber; of digits and a fraction in the bid price, the ask operation is withheldguntil the'bid operation is 1 complete. The .askz-operation must also immediatel =:follo w the,bid operation' without any ead time namely a silent in va ue the abs n of. eith r avunitonfraction-inthe'bidjprice aflhisactiqn: k p ace hxah op t o fMQOIIt Ct 217 w i t wi h s n 0. trolntime cam l llaj This contactjs closed at; every one-thirdmf a; revolution .due to the operation of indents.21;1, 212v and 213 of cam .5177 a 4 In closing, a, circuitis, established to energize ask sound bandcontrolmelay-NA from do co aW and;-.Z (E which are closed only after 5a ,cycle-otpperation of. selected sound band contro ,relays ,a'si in Figsro Jand That. is I to, say, relay Z releasesyon the completion of the announcement. of each bid price momentarily, but relayW' is slow to releaseo When relay Z (Fig. ,7) is ,energized, contact 3 thereof closes, energizing relay W through conductor 2,60, closing its contacts 1 and2. ,Traced, the asked control relay circuit. includes grounded closedcont-act W1, conductor 261, closed contactZ2,.condu ctor 262, closed contact 217, conductor .263, ask sound bandcontrolrelay NA and-battery r Pairs of control relays MA and MB; NA andNB govern respectively the operation of the bid and ask sound bands as 170 and 17.1. Bid relays .MA and MB are first to operate in aperiod of operation. Following their operation, ask relays NA and NB operate.

Immediately at the conclusion of the bid price operation,-if therev isa bid price, ask control relays NA and NB are energized and become effective, Following this, selected, price band control relays (Fig. 5), which respond to the setting of askdials as 7 e Of the pair of bid relays MAand MB, the former includes. twowindings as. 264 and 265 and it is first momentarily energized through winding 264 when the callers receiver is off the hook, and remains energized from closed contacts 230 and 216 until shafts 72. and .210

overcome the inertia. ofthetcamsand open these contacts. ::The.- start -circuit: initially energizes relay MA; and includes conductor 238, closed contact 230, conductor 237 ,closed contact-FH3, conductor 236, :w-iper '235 of bank BC, a contact as234, conductor 232, a contact? as :"23L and-wiper -88, of. bank .87, closed con-tact FE4, condnctor 98, closed con tact -FA1 and ground E. .1 Y i i The moinentaryzenergization of relay MA locks up its associated contacts 160,266,- 267 and opens contact 268.; -:In' closing, .contact energizes selected sound-band control relaysfof-the same rnumcrical value corresponding :to' the "setting of. the bid. dials as 10 and-11. .I Closed contact 266 continues :tohold, througli- =winding 265, relay. MA. energized when the zinake :befor'e. break switch X registers with one of its indents at. the :beginning .of::its operation; Traced, the; holding icircuit. comprises: winding 1 265, closed;;contact 266, gconductor273fiandclosed contact 216. Closed contact 268 grounds conductor 269, energizing -mate control-"relay MB whereby its associated contacts 270,271' and' 272 are closed. It should 'beLnoted that the start circuit associated with relay -MA- 'is disabled whensound .time control earn 177 is out of registration with an indent riding onithe cam periphery and this occurs when it takes motion, but relay;'MB- isheld 1 energized through its locking contact 270. 7 Y Relay;-MB- having energized from closed contact.268,'re1nains locked up for one-third of a revolution-of cam 177 through winding 274, closed contact 270, conductor=275 and closed contact 215. In operatinggrelay MB locks up and completes a circuit fromthe normally closed contact 267 of relay'MA and closed contact271-of relay MB throughconductor 172 to magnet 173 of the bid sound band l70rduring-movelnent of cam 177 from the first to the. second position. In energizing, 1nagnet 173 operates to engage clutch complements 17 5 and 176 placing bid sound band in motion. In this connection it should be noted that in closing, contact 272 of relay MBgrounds conductor 276 providing a common locking circuit for a selected sound band control relay as GA.

Foroperating the ask sound band 171, relays NA and NB serve a like purpose. They operate only after the bid operation is complete, or it there is no bid price they act without a dead time interval. tion of relay NA is therefore delayed until the bid operation has ended, if there is a bid price. This'may occur at the conclusion of the announcement of .the integer in the bid price or at the endof the fraction. To de- The operalay the 0 eration of the ask control relays NA and B, slow release relay W remains energized following relay Z releases momentarily after the bid operation, that is to say, after the complete announcement of the bid price which may be inan integer or fraction or in both.

Relay Z (Fig. 7) is energized when a control relay as GA in the integer group or HA in the fraction group is selected. If selected,

relay GA closes contact 280, grounding conductor 281, energizing mate relay GL, closing contact 282 which grounds conductor 283, energizing relay Z, opening its contact Z2, disabling ask control relay circuit 262.

Relay Z, however, has another source of energization and remains energized so long as an integer or a fraction sound band control relay or both, is selected for a bid price. After the announcement of the integer in the bid price relays, relay GL releases, but relay Z is held up due to a selected pair of fraction relays as HA and HJ.

If energized, relayHA (Fig. 5) closes contact 284 grounding conductor 285. energizing mate relay HJ, which closes contact 286, grounding conductor 287, which forms the second source of energization for relay Z, opening its contact Z2 continuing to hold open asked control relay circuit 262. After the announcement of the fraction in the bid price, relay HJ releases, removing ground from conductor 287, momentarily releasing relay Z, closing its contact Z2, establishing a grounded ask circuit 262 to relay NA from closed contact W1. If the bid price contained no fraction, relay Z would momen tarily release after the announcement of the units in the bid price and without any dead time establish the ask relay control circuit 262 to render relay NA effective.

In the event that the system were extended to announce prices in more than an integer and a fraction, additional groups of pairs of sound band control relays as GA, GL; HA, HJ would be provided in a unit and consequently relay Z would contain a proportional number of sources of energization, as is well understood.

Relay Z releases at a time when sound band time control cam 177 is at one of its tact 216 of switch X which is closed at one of the three zero positions of cam 177. Re-

la NA remains energized until cam 177 ta es motion opening contact 216.

In closing, contact 290 grounds conductor 293, energizing through winding 294, mate ask control relay NB, closing its associated contacts 1 to 5 inclusive simultaneously.

Closed contact NBl holds relay NB locked for one-third of a revolution of cam 177 through winding 295, conductor 275 and closed contact 215 in the off zero position of cam 177, and in this position contact 216 opens, removing ground from conductor 273, releasing relay NA, closing contact 291, grounding conductor 296, closed contact N132, conductor 297, energizing clutch magnet 298. This operation meshes clutch complements 299 and 300, causing ask sound band 171 to take motion.

- Closed contact NB3 continues to hold clutch magnet 208 energized through grounded conductor 246 which also is continued grounded by the clutch magnet circuit 247 through closed contact W2.

In other words, clutch magnet 208 is held energized for a period of operations which ma include a cycle of operations for a bid an asked price, or a period may consist of a cycle of operations for a bid price only, if there were no asked quotation, or a cycle of operations may be for the ask price only, if there were no bid price. concomitantly, closed contact NB4 extends ground to the ductor 303, wiper 304 associated with bank BS, a selected contact as 305 thereof, conductor 306, closed contact 74 of the ask preventing double registration relay 73 and a branch conductor 307 to which the contacts of ask settable dials 12 and 13 are multipled.

Additionally, contact NB5 in closing grounds common locking circuit 276 for holding selected sound band control relays of group GG energized on this step of operation. To prevent reenergization of ask control relay NA on completion of the ask operation, that is, on this step of operation, a relay as V is provided which cooperates with contact 308 of make before break switch Y which is closed on the off neutral position of start cam 100 to hold relay V locked through conductor 309 and closed contact 310, if relay V had been previously energized due to the operation of the ask control relays NA and NB.

Relay V (Fig. 7) has two sources of energization, one through winding 311, conductor 312, contact Z1, connected to battery, provided the other source of energization, namely, from closed contact 291 of relay NA, closed contact N B4, which previously grounded the ask dial circuit 302, to which dials 12 and 13 which had been manually conductor 313 and winding 314A are multipled; has initially energized relay V, which in turn closes contact 310 holding relay V locked in the ofi normal position of start cam 100. I v

If a bid price only were set for transmission, 0. complete period would include only this bid cycle, and the ask circuit 262 is disabled durin this cycle, being open at contact Z2. so, in this connection, rela V would not be energized as the ask contro relays are not operated, consequently, ask dial circuit 302 is ineffective to energize relay V. On the other hand, where the price to. be transmitted is for an ask quotation only, relay Z is inefi'ective on this cycle but relay V is energized through the operation of relays NA and NB, establishing the ask dial band circuit 302, grounding only conductor 313, to energize relay V which is held locked up through closed contact 310 during the transmission of the ask price. In energizing, relay V opened contact 314 and removed battery from conductor 315A in series with slow relay W, opening its contacts W1 and W2. Open contact W1 removed ground from conductor 261 and the ask control relay circuit 262. Hence ask control relays NA and NB cannot reenergize on the completion of this cycle of operation. Open contact W2 removed ground from clutch magnet circuit 247 but this circuit is held grounded from closed contact 315, conductor 316 multipled with circuit 247 continuing to hold clutch magnet 208. Upon completion of the ask price, cam 100 returns to neutral opening contact 308, which removed and from circuit 309 and contact 310, re easing relay V, opening contact 315, removin ground from conductors 316, 247 and 246 eenergizing clutch magnet 208 whereby c utch members 206 and 207 disengage to sto shaft 207. Each sound band unit as L,- N, P includes a transmission circuit for transmitting voice reproductions of selected sound bands to the caller at a telephone station. The primary side 202 of this circuit is grounded as 338 (Fig. 3) and operatively includes transmitting contacts as 208 (Fig. 7), multipled to conductor 201, connected with primary coil 317 and battery 318 of repeating coil 319. The secondary circuit includes a conductor as 320, Fig. 3, adapted to be grounded through contact 338 by removal of the receiver of a telephone, a selected contact as 79 of line finding bank 76, conductors 321, 96, closed contact FE2, conductor 322, wiper 88 of bank 84 of digit switch AN, a selected contact as 323 thereof, conductor 324, a selected contact as 325 of bank AT, its wiper 326, conductor 327, closed contact FI-Il, conductor 328, secondary coil 329, conductor 330, closed contact FH2, conductor 331, wiper 332, a selected contact as 333 of bank BT, conductor 334, a contact as 335 of bank 85, its wiper and common, conductor 336, closed contact FE3, conductor 97, wiper 83 of bank 77 and a selected contact thereof, conductor 337 and to the other side of the receiver 90. I

' The operation of the system may be best understood by' considering an hypothetical example. Suppose it is desired to obtain the last bld and ask stock quotation of the stock say arbitraril International Telephone and 7 Telegraph orporation. Assume further that this stock is identified by the group of dials in Fig. 1, and that its latest bid price is 2 and the asked 2 For the bid price, the attendant who follows the trend of prices at the trading post in the exchange adjusts dial or price indicator 10, setting its wiper on the second contact 15. In setting up the ask price, dial or price indicator 12 is adjusted so that its wiper 70 rests on the second contact 15 and dial 13 is set so that its wiper engages the one-half contact 25. In efi'ect, the price dials select the desired price sound reproducing hands after the digit finding switch has found the selected contacts corres onding to the stock number dialed.

. e customer at the brokerage ofiice refers to a stock directory and notes the dial numher for International Telephone and Telegraph Corporation. First, he removes the receiver from an automatic telephone as 90, causing switch am 339 to engage contact 338 and if it be assumed that wipers 83, associated with the line finder banks 76, 77 and 78, rest on non busy contacts 79, 340 and 341, it is evident that there will be no switch movement.

The telephone circuits are adapted for calling only. When the broker removes the receiver from the hook, a line finder, as schematically shown in Fig. 3, operates at the central exchange to connect the di line to a stock selector switch as AN (F' 3).-

Upon removal of a receiver from its 001:- of a dial telephone as 90, an obvious circuit is established energizing stepping relay FA and associated slow to release rela FB, closing respectively contacts FA1 an FBI. 0 The digit switches as AN respond to dialing impulses from dial 89 and on com letion of dialing, the digit switch extends our circuits, namely, transmission conductors 322 and 336, circuit 107 for energizing relayFD from closed contact 101 on the zero position of start cam 100 (Fig. 7), and start sound band control circuit 98, through digit finding switches in Fig. 4 and causes one switch to find terminals corresponding to the stock selected to which the four circuits, as 322, 336, 107 and 98, are extended from the stock selecting switch, as is well understood.

During this operation, the calling line is' held open at the stock selector (Fig. 3). When, however, the selected digit control switch stops on the selected contacts, the bid and ask audible quotation apparatus associated with this digit switch is started in operation and the calling line is cut through to the transmitting secondary circuit comprising conductors 330 and 328 (Fig. 7) of the repeating coil or transformer 319 through which the reproduced voice currents are passed.

In the example chosen, assume further that the stock selected is listed in the stock directory with a dialing number as 1. The broker dials this number on dial 89. Stepping relay FA deenergizes a length of time for one impulse, closing contact F A2. Relay FB is slow to release and is so timed to remain ener ized during the pulsing period.- Relay in energizing closes contact FB1, causing energization of stepping magnet FG for a duration of one impulse, which advances wipers 88 of banks 84, 85, 86 and 87 to the first set of contacts as 323, 335, 341 and 231 respectively, for the stock selected. 4

Closure of contact FBl also causes energization of slow to release relay FC during the pulsing period. Closure of contact FC2 energizes cut oil relay FE during the pulsing period.v Relay FE when energized locks up over its contact F El, and in openin its contacts FE2, FE3 prevents the caller roni hearing fragmentary reports of a previous quotation which may be in progress of transmission. Opening of contact F1 14 prevents interference as wiper of bank 87 passes over busy contacts, to wit, prevents contacts of bank 87 from being grounded.

That is, if the sound reproducin bands are in operation at themoment a ca 1 comes throu h, the callingline is held open at F2 and 3' of a selected stock switch until the quotation previously started is fully comleted. In this way a caller is prevented in hearing fragmentary quotations.

If several calls are originating at about the same time while a quotation is in progress from a previous call, all will be held open until thequotation apparatus has returned to normal and then all willbe simultaneously out into hear the nex quotation. 'If no new calls originate th und reproducing a paratus will complelie the quotation and t en come to rest. 7

When, atF-I-{the end of the dialing, FC releases, FD= Jis energized from contact 101 of switch V, thus causing FE to release and close contacts FE2 and FE3 in the transmission conductors 96 and 97 and closing contact FE4 in the circuit 98.

The movement of the shafts carrying fective tocause the wipers 88 of digit switch AN to restore to normal automatically under the tension of a restoring spring not shown. When the wipers 88 reach their selected position, a starting circuit is set up to put in motion an idle digit finding switch as E. This circuit is not illustrated as it is 'well known in the telephone art.

However, for convenience of description, it will be assumed that the digit finding switch, E of Fig. 4 responds to after the closure of this selecting circuit, the magnetic clutch 118'is actuated call and the wipers thereof come to rest on the #1 contacts as 45. Rotation of shaft 120 (Fig. 4) causes tooth wheel 121 to actuate spring-122, which engages contact 123 to energize interference preventing relay FH (Fig. opening its contacts 1 to 7 inclusive. That is, relay FH is energized until the wipers of the selected digit finding switch have reached their selected position which takes place upon the release of clutch magnet 118. Control means to hold clutch magnet 118 energized has not been shown, but apparatus for performing this operation is well known in the telephone art.

If shaft 120 is inmotion, relay FH is energized, disabling transmission conductors 328 and 330, conductor 237 forming a part of the start control relay circuit, the locking circuit 223 for relays 73 (Fig. 2) associated with the pairs of bid and ask dials as 10 and 11, 12 and 13; conductor 303 forming part of ask dial circuit 306 and finally, conductor 162 forming part of the bid dial circuit 166.

In this manner, interference is prevented .when the wipers of digit finding switch E pass over busy contacts when seeking a calling line;

7 After the dialing operation, the wipers of the digit finding switch E engage selected contacts of their associated banks, and the biddial' circuit as 30 of the number two contact 15 (Fig. 2 is extended from closed contact 160 of relay MA (Fig. 7), energizing sound band control relay GB (Fig. 5) whichis locked up, energizing its mate relay GM.

Relay GM energized closes its contact 360B,

energizing relay Z (Fig. 7) which in turn energizes relay W. Relay. W energized closed contact W2 which grounds clutch magnet circuits 247 and 246, initially energizing clutch magnet 208, which causes shaft 72 to'take motion. In other words, after the setting of the price dials and following. the

dialing, relay Z energizes, starting the operation of the clutch magnet 208 for a period of operations of cams 100 and 177.

However, at the beginning of aperiod of operations, cams 100 and 177 stand at normal. In the zero position of start cam 100, contacts 101 and 230 are closed. Closed contact 101, through circuit'102, extending to selected contacts ofthe several switches, 

